Grasscatcher (Updated 3/17)

US Current Account Deficit Widens (3/17)

A short piece in the Financial Times this morning shows the United States current account deficit grew to $187.9 billion in the fourth quarter of last year. This was more than economists expected. It means we are buying more foreign goods then we are selling. We are selling more assets to fund our deficit spending. This is not good. See last week's podcast for further background to this.

Italy to Withdraw Troops From Iraq

Italy, a major American and British ally in the Iraq war has decided to withdraw all 3000 of it's troops by fall. Prime Minister Silvio Berlusconi has decided to run for re-election in the spring of 2006 and the Iraq war is not popular among the Italian electorate. Of course by fall we could begin to see a drawdown of American troops. Read a British analysis here .

Israel Hands Over Jericho

It is one of the oldest inhabited cities in the world and today Israel returned security control back the Palestinian Authority. It is the first os seveal cities to return to Palestinian control as part of an agreement reached between Ariel Sharon and Mahmoud Abbas.

At the same time a new Holocaust History Museum at the Yad Vashem memorial was dedicated. ore than 40 world leaders gathered in Jesursalem for the opening of the $56 million dollar museum which took ten years to build. The Financial Times (subscription required) carried this report.

"This is a moment of commemoration for the six million murdered by Nazi Germany, " said Joshka Fischer, German foreign minister. "We cannot allow intolerance in any place against any people."

Front Pagemag.com has some disturbing news about mainline Christianity's tacit support of terror against Israel by seeking divestment of business activities in Israel. The Presbyterian, Anglican, Lutheran and World Council of Churches are supporting the boycott. Read the whole story.